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Ethereum Price Forecast: Ether Could Dip To New Weekly Low

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is following a bearish pattern against the US dollar and bitcoin. ETH/USD is likely to extend losses toward the $265.00 and $260.00 levels.

Key Highlights

Ether’s recovery from the $269.41 low failed near key resistances against the US dollar.
There is a declining channel in place with resistance near $288.00 on the 2-hour chart of ETH/USD.
ETH/BTC extended declines and could test the 0.0415BTC support area.

Technically, the 2-hour chart indicators are placed heavily in the bearish territory.

Ether Price Analysis

Yesterday, there was a major bearish reaction below the $280.00 support in ETH/USD. The pair traded to a new weekly low at $269.41 before starting a recovery back toward the $280.00-285.00 zone.

ETH/BTC remained in a bearish zone as the pair broke the 0.0430BTC support. The next major support for Ether buyers is near the 0.0415BTC level, which is a significant pivot zone.

Ether Price Analysis ETH

Looking at the 30-minute chart of ETH/USD, the pair declined heavily and formed a low at $269.41. Later, the price corrected higher and moved above the $275.00 level and the 38.2 percent Fibonacci retracement level of the last drop from the $303.88 high to $269.41 low.

The price even moved above the $280.00 level, but it faced sellers near a bearish trendline at $285.00 and the 50 percent Fibonacci retracement level of the last drop. Ether started a fresh downward move and broke a key bullish trendline with support at $281.00.

The current price action indicates that Ether’s price could decline toward the recent low of $269.41, below which the price will most likely accelerate losses toward the $260.00 level.

Ethereum Price ETH

Moving up to the 2-hour chart of ETH/USD, the pair is following a declining channel with resistance at $288.00. Additionally, it seems like the support zone at $280.00-285.00 is now acting as a resistance.

Therefore, the price is likely to extend losses toward the $265.00 and $260.00 levels. To the topside, the $280.00, $285.00, and $288.00 levels are important hurdles for buyers.

Important Resistance Levels

$280.00 and $285.00

Important Support Levels

$270.00 and $262.00

2-hour RSI

The RSI is heading lower toward the 30 level.

2-hour MACD

The MACD is signaling more losses in the bearish zone.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.